Trustees and administrators wishing to certify deficit reduction contributions, contingent assets and block transfers are now able to do this through the Pensions Regulator’s Exchange System. The deadlines for the submission of pension protection levy certificates are as follows:
- 5pm on 31 March 2009 for certification and re-certification of contingent assets (documents which are required to be submitted in hard copy must be submitted to the PPF by the same deadline);
- 5pm on 7 April 2009 for certification of deficit reduction contributions;
- 5pm on 7 April 2009 for notification of full block transfers to be included in the 2009/10 levy and for partial block transfers to be included in the 2010/11 levy; and
- 5pm on 30 June 2009 for final certification of full block transfers to be included in the 2009/10 levy and for partial block transfers to be included in the 2010/11 levy.
The PPF’s general policy is to enforce these deadlines strictly.
New guidance in relation to contingent assets was published by the Pension Protection Fund (the PPF) in November 2008. In addition, the PPF Board’s Determination in respect of the financial year 1 April 2009 - 31 March 2010, also published on 20 November 2008, sets out the factors by reference to which PPF levies are calculated. Various appendices and annexes to the Determination give detailed information in respect of the required form of different contingent asset recognised by the PPF. Annex C sets out the certification requirements in respect of contingent assets, and states that, although there is no general requirement for scheme trustees to obtain an updated legal opinion, they may wish to do so if they have reason to believe that the legal position may have changed since the original opinion was given.
Clients who have any queries about the registration of existing or proposed contingent assets should seek legal advice as soon as possible to ensure that submissions are made before the deadline.